Figuring Out How Real Estate Auctions in Woodward Oklahoma Can Benefit You

Figuring Out How Real Estate Auctions in Woodward Oklahoma Can Benefit You

Few people know this, but it is possible for any homeowner to sell his or her property at Real Estate Auctions in Woodward Oklahoma. The auction is public and must be organized by a notary. All types of real estate can be sold at auction.

Real estate auction: for whom and for what?

Any real estate owner (private individual, company, association, etc.) may choose to sell their property by auction. Public authorities often use Real Estate Auctions in Woodward Oklahoma too. This is sometimes also referred to as a “candle sale” or “voluntary auction”.

It is possible to sell all types of real estate at auction. The majority of property auctions, however, concern traditional properties: houses or apartments. Public authorities regularly sell atypical goods: old schools, lighthouses, railway stations, etc.

Selling by auction

To be a bidder, it is necessary to complete a few steps before, during, and after the auction. For instance, before the auction, it is important to visit the property to get a feel for the area. Next, it is important to look at the specifications that are available from the notary who is in charge of the sale.

Ask your bank about financing. Please note that there is no retraction possible for the buyer after an auction. After this, provide a check for deposit, which must be equivalent to 10% of the amount of the property (in order to cover pre-sale costs like registration fees, sales fees, publication costs, etc.).

After the auction, wait for the end of the bidding period which is 10 days. Keep in mind that most auctions end on the same day. Make an appointment with the notary to pay the balance and collect the keys.

Actual costs

The actual costs, which are generally fixed at a certain percentage of the total value of the sale and shared equally between the seller and the purchaser. But the specifications may modify this amount and define a different distribution with, for example, the total assumption by the purchaser. In the case of a property sale with a reserve price, the seller will have to bear all the costs of advertising, etc. Visit Wigginsauctioneers.com for more information. You can also visit them on Facebook.

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